SUPERINTENDENT OF FINANCIAL SERVICES LINDA A. LACEWELL ANNOUNCES APPROVAL OF CONVERSION OF HUDSON VALLEY FEDERAL CREDIT UNION TO A NEW YORK STATE CHARTER

NEW YORK – Superintendent of Financial Services Linda A. Lacewell today announced that the New York State Department of Financial Services (DFS) has approved Hudson Valley Federal Credit Union’s application to convert its charter to conduct business under a New York State charter, effective October 1, 2019. After the conversion, Hudson Valley Federal Credit Union will change its name to Hudson Valley Credit Union.

“This approval reflects DFS’ commitment to support the growth of New York State-chartered financial institutions,” said Superintendent Lacewell. “Credit unions provide crucial access to capital for consumers and small businesses, create opportunity for the underserved, and assist in the development of local communities.”

New York State has taken a leadership role in offering an expanded field of membership to credit unions. The New York State charter allows credit unions to expand their field of membership by combining employer, association, and community groups into a single field of membership.

“We’re very grateful for the DFS and their staff working so closely and cooperatively with us on this charter conversion,” said Mary Madden, President and CEO of Hudson Valley Credit Union. “This is an important milestone for our members and the thousands of our New York neighbors who will soon be able to use our services. We look forward to serving them with the same affordable, convenient products and services, and providing the special care we’ve given over 300,000 members since 1963.”

Currently, Hudson Valley’s field of membership includes four counties: Dutchess, Orange, Putnam, and Ulster. The credit union has approximately $5 billion in total assets. Hudson Valley Federal Credit Union currently serves over 300,000 members through 19 locations and an online and mobile program.

With the charter conversion, the credit union will now be able to expand its community-based field of membership to serve persons who live, worship, work, regularly conduct business or attend school, as well as businesses and other legal entities, in Westchester, Rockland, Putnam, Orange, Dutchess, Ulster, Columbia, Greene, Albany, Rensselaer, Saratoga, and Schenectady counties.

New York currently has a total of 125 state-chartered commercial banks, savings banks, bank holding companies, and 14 state-chartered credit unions.